Essentially my idea would be to sell 1/2 my interest, pay off the existing loan, and be "partners" with this person as long as there is a defined exit strategy. 

I have found a family member that's willing to give me a loan for a rental property.

In that scenario, then it makes sense to house hack, lower your housing expense, gain appreciation, loan paydown, and have your own place. 

Market is still affordable to get into and cashflow is actually still possible even with high loan to value properties.

It may be worth looking into getting some sort of partner that has greater access to credit or loan ability.

You would probably have to bring money to the table to get the balance down.If your going to do that you should consider paying the loan down now and asking your lender to recast or reamortize your loan Don’t forget about the tax benefits.

Thank you for your response, My current income is about 75,000 a year, My credit card debt total is approx 40,000.00 which consists of 2 car payments and medical expenses. about 6000.00 of it is money I loaned or I guess gave to family and friends, Not to mention the cash I have loaned or given away, I am going to stop being a leech and start to put my needs first, I will get there eventuality!!!

My other option I assume is just to get a construction loan & either purchase the land cash, or lump it into the loan.

For office buildings, Dallas has a significant amount of distressed office space with ARM loans coming due.

@Ed Ma what is the remaining term of the loan?